We have just seen a +14% increase since 2023 lowest price. Single family Homes in Ottawa prices Feb 15 2024. Detached 3 bedrooms home just went up +14.6% from 2023 prices.
Ottawa Real Estate Prices for 2024: Prices are going up 1.6% on a year-over-year
The OREB MLS OF Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.
The overall benchmark price was $628,900 in November 2023, nearly unchanged, up only 1.4% from November 2022.
The benchmark price for single-family homes was $708,900, up 1.6% on a year-over-year.
By comparison, the benchmark price for a townhouse was $492,300, nearly unchanged, up 0.8% compared to a year earlier.
The benchmark apartment price was $424,300, up 1.2% from year-ago levels.
The average price of homes sold in November 2023 was $633,138, decreasing 0.8% from November 2022. The more comprehensive year-to-date average price was $669,536, a decline of 5.7% from 11 months of 2022.
The dollar value of all home sales in November 2023 was $458.4 million, down 2.4% from the same month in 2022.
OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price will vary from neighbourhood to neighbourhood.
LOW INVENTORY IN THE OTTAWA REAL ESATE MARKET JAN 2024
Still plague Market and causes prices to increase once again.
The average sale price for a freehold-class property in August 2023 was $709,739
Ottawa Resale Market Stalls in August, Supply Challenges Persist!
Low inventory, not enough listings.
Source: OREB
The Ottawa Real Estate Board reported that its members sold 1,196 residential properties in August through the Board’s Multiple Listing Service® (MLS®) System data service, compared with 1,130 in August 2022, an increase of 6%. August’s sales included 903 in the freehold-property class, up 7% from a year ago, and 293 in the condominium-property category, a 2% increase from August 2022. The five-year average for total unit sales in August is 1,525.
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“Ottawa Sales activity was up marginally on a year-over-year basis in August but remained well below the historical average for this time of year,” says Ken Dekker, OREB President. “There is no shortage of demand given increased immigration and the large Canadian population cohort entering the market. The lack of suitable, affordable housing is a hindrance. High borrowing costs and economic uncertainty are impacting both sellers and buyers, which we expect will continue to result in further market fluctuations.”
Ottawa Real Estate Average Prices*:
The average sale price for a freehold-class property in August was $709,739, an increase of 0.5% from 2022, and a 5.6% decrease over July 2023 prices.
The average sale price for a condominium-class property was $425,968 an increase of 1% from a year ago, although 1.4% lower than July 2023 prices.
With year-to-date average sale prices at $732,220 for freeholds and $432,571 for condos, these values represent an 8% decrease over 2022 for freehold-class properties and a 5.5% decrease for condominium-class properties.
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Price changes: September 2023 report
Number of Sold properties by week. vs other years 2023 report
NUMBER OF HOME FOR SALE ARE LOWER THAN OTHER YEARS
AVERAGE SALE Price Changes: SEPT 2023 report
IT LOOKS LIKE 2022 AND 2023 HAVE THE SAME AVERAGE SALE PRICE
RESIDENTIAL Price Changes: September 2023 report
LOW NUMBER OF LISTINGS, LOW SALE VOLUME 2023
NEW LISTINGS are down this week – this means low inventory : SEPT 2023 report
IT LOOKS LIKE WE ARE STILL LOW ON LISTINGS
PRICES ARE MORE AFFORDABLE NOW AND MAY MOVING BACK UP IF INVENTORY STAYS LOW, ACCORDING TO THE OTTAWA REAL ESTATE BOARD, SEPT 2023 REPORT.
Searching for homes for sale in Kanata? Look no further than The KENNEDY Real Estate Team. With several years of experience in selling homes in Kanata. We have extensive knowledge about various models, builders, and neighbourhoods such as: Beaverbrook, Katimavik, Bridlewood, Kanata Lakes, Morgan’s Grant, Trail West, and Elmwood.
In Kanata Ontario, there are several types of dwellings available: Single detached homes, row units townhouses, semi-detached homes, stacked townhouses, and apartments.
We are Currently seeking, 113 listings for sale in Kanata with an average price of approximately:
ALL JULY 2023 DETACHED HOMES AVERAGE PRICE$857,900.
Count on us to provide you with the true value. This free service will ensure you make an informed decision for your next home purchase in Kanata.
ASK FOR OUR FREE “PROPERTY REPORT ON VALUE AND COMPARABLE”.
Get all details – Copy/Paste MLS number here.
Search a Street, City, Province, RP Number or MLS® Number
All Kanata Home Listings on our IDX website.
ML#
Address
List Price
Type
Style
Bds
Bths
1349274
1016 TANGUAY CRT
$339,900
2STOREY
STACK
2
2
1346861
1006 TANGUAY CRT
$349,900
2STOREY
STACK
2
2
1347644
103 SALTER CRES
$379,900
2STOREY
ROW
3
2
1353521
239 PICKFORD DR
$429,900
2STOREY
ROW
3
2
1352685
21 BEST WAY
$438,000
2STOREY
ROW
3
3
1345297
2033 CAMPEAU DR
$449,000
2STOREY
STACK
2
2
1347915
300 TULUM CRES #H
$485,000
1LEVEL
STACK
2
1
1339787
310 TULUM CRES #C
$499,900
OTHER
STACK
2
2
1339789
310 TULUM CRES #B
$499,900
OTHER
STACK
2
2
1349944
106 KINCARDINE DR
$516,000
2STOREY
ROW
2
3
1344162
598 FOXLIGHT CIR
$528,900
3STOREY
ROW
2
3
1352430
373 HILLSBORO PVT
$534,900
2STOREY
ROW
3
3
1353245
21 STREAMBANK ST
$539,900
3STOREY
ROW
2
2
1351777
516 ABERFOYLE CIR
$549,900
2STOREY
ROW
3
2
1351967
1505 CAMPEAU DR
$549,999
2STOREY
STACK
2
3
1351412
14 MEADOWBREEZE DR
$550,000
2STOREY
ROW
3
3
1351319
29 STREAMBANK ST
$558,000
3STOREY
ROW
3
2
1352962
127 ATTWELL PVT
$559,900
3STOREY
ROW
2
3
1350428
161 ATTWELL PVT
$569,000
3STOREY
ROW
2
2
1338221
398 HILLSBORO PVT
$569,900
2STOREY
ROW
3
3
1350177
63 SPRINGCREEK CRES
$575,000
2STOREY
ROW
3
2
1351338
4 SUNNYBROOKE DR
$575,000
2STOREY
ROW
3
2
1351016
60 HELMSDALE DR
$599,900
2STOREY
ROW
3
3
1351828
833 TABARET ST
$618,000
2STOREY
ROW
3
3
1353591
586 BARRICK HILL RD
$619,900
2STOREY
ROW
3
3
1353394
1326 HALTON TERR
$625,000
2STOREY
ROW
3
3
1349339
738 OAKGLADE AVE
$629,900
2STOREY
ROW
3
3
1352422
220 FORESTBROOK ST
$639,000
2STOREY
ROW
3
3
1351156
94 SADDLESMITH CIR
$639,000
2STOREY
ROW
3
3
1352406
201 OPUS ST
$649,900
2STOREY
ROW
3
3
1352958
80 ROBARTS CRES
$649,900
2STOREY
ROW
3
4
1352924
276 MAXWELL BRIDGE RD
$649,900
2STOREY
ROW
3
3
1346702
30 HIGHMONT CRT
$650,000
2STOREY
SEMIDET
3
3
1353652
29 COURTNEY RD
$654,900
BUNGLOW
DETACH
4
2
1346498
218 HUNTERBROOK ST N
$659,999
2STOREY
ROW
3
3
1346233
100 PATRIOT PL
$669,900
2STOREY
ROW
3
3
1350846
560 PEPPERVILLE CRES
$669,900
2STOREY
ROW
3
3
1350828
120 SPRINGCREEK CRES
$674,900
2STOREY
DETACH
3
2
1340559
804 STAR PVT
$684,900
3STOREY
ROW
2
4
1343773
31 BACHMAN TERR
$694,900
3STOREY
ROW
2
4
1342872
58 BLACKDOME CRES
$699,000
2STOREY
ROW
3
2
1351794
7 CURRAN ST
$699,000
2STOREY
DETACH
3
2
1347144
80 GOLDRIDGE DR
$699,900
2STOREY
ROW
3
3
1350013
70 MERSEY AVE
$699,900
2STOREY
DETACH
3
3
1343158
27 BACHMAN TERR
$704,900
3STOREY
ROW
4
4
1345027
45 BACHMAN TERR
$714,900
3STOREY
ROW
3
3
1344899
110 MACASSA CIR
$724,900
SPLIT
ROW
3
3
1348075
51 WATERTHRUSH CRES
$724,900
BUNGLOW
SEMIDET
3
3
1333567
69 EQUESTRIAN DR
$729,900
2STOREY
DETACH
3
3
1344890
37 BACHMAN TERR
$734,900
3STOREY
ROW
4
4
1350053
993 KLONDIKE RD
$735,000
2STOREY
ROW
3
3
1339680
432 MEADOWBREEZE DR
$739,900
2STOREY
ROW
4
3
1349133
283 KINGHAVEN CRES
$749,000
2STOREY
ROW
3
4
1347577
95 VILLAGE GREEN
$749,999
2STOREY
DETACH
4
2
1345492
21 WESTMEATH CRES
$757,000
2STOREY
DETACH
3
3
1352433
2 SEWELL WAY
$769,900
2STOREY
DETACH
4
3
1348719
554 HITZLAY CRES
$770,250
2STOREY
ROW
3
3
1352974
66 MACASSA CIR
$790,000
3STOREY
ROW
2
3
1352026
42 FOULIS CRES
$794,000
BUNGLOW
ROW
3
3
1348104
4 TURNBULL AVE
$799,900
2STOREY
DETACH
3
3
1351607
26 FOXLEIGH CRES
$799,900
2STOREY
DETACH
4
4
1353089
33 SPUR AVE
$799,900
2STOREY
DETACH
4
4
1353349
58 BRIDLE PARK DR
$799,900
2STOREY
DETACH
4
3
1347391
182 OVERBERG WAY
$809,900
2STOREY
ROW
3
4
1352046
194 FLOWING CREEK CIR
$829,900
2STOREY
DETACH
4
4
1348237
65 CROWNRIDGE DR
$839,900
2STOREY
DETACH
3
3
1352949
24 RIVERGREEN CRES
$839,900
2STOREY
DETACH
3
3
1352972
140 BRIDGESTONE DR
$849,900
2STOREY
DETACH
4
3
1339798
819 PETRA PVT
$850,000
3STOREY
ROW
3
4
1352306
135 SOLARIS DR
$855,000
2STOREY
DETACH
4
4
1351387
441 TILLSONBURG ST
$875,000
2STOREY
DETACH
3
3
1350782
122 WHERNSIDE TERR
$885,000
2STOREY
DETACH
4
4
1353183
2 BRADLEY FARM CRT
$899,900
2STOREY
DETACH
4
4
1346499
4 BRADLEY FARM CRT
$899,999
2STOREY
DETACH
6
4
1348913
26 PELLAN CRES N
$936,000
2STOREY
DETACH
4
3
1348723
15 RUTHERFORD CRES
$945,000
2STOREY
DETACH
4
3
1346322
803 OAKSIDE CRES
$959,000
2STOREY
DETACH
5
4
1348720
360 ABBEYDALE CIR
$969,900
2STOREY
DETACH
4
3
1346305
614 BRIDLEGLEN CRES
$979,990
2STOREY
DETACH
3
3
1330947
27 SOLARIS DR
$989,900
2STOREY
DETACH
4
4
1350083
19 RUTHERFORD CRES
$989,900
2STOREY
DETACH
4
4
1342008
42 STONECROFT TERR
$998,000
BUNGLOW
DETACH
4
3
1346782
178 GYRFALCON CRES
$999,000
2STOREY
DETACH
5
4
1347064
11 TURTLE POINT PVT
$999,000
BGWL
ROW
4
4
1347484
2004 ALLEGRINI TERR
$999,900
2STOREY
DETACH
4
3
1343628
343 SUGAR PINE CRES
$1,029,000
2STOREY
DETACH
3
3
1350372
10 JARLAN TERR
$1,039,000
2STOREY
DETACH
4
3
1346589
11 MENDOZA WAY
$1,049,000
2STOREY
DETACH
4
3
1352264
328 LAUGHLIN CIR
$1,050,000
2STOREY
DETACH
4
3
1345277
8 EVANSHEN CRES
$1,100,000
2STOREY
DETACH
4
3
1350338
26 VARLEY DR
$1,150,000
2STOREY
DETACH
4
3
1349314
9 ROSETHORN WAY
$1,188,800
2STOREY
DETACH
5
4
1345120
138 STEEPLE CHASE DR
$1,199,900
2STOREY
DETACH
4
4
1350186
36 ROSENFELD CRES
$1,225,000
2STOREY
DETACH
4
4
1340309
123 GRAINSTONE WAY
$1,299,900
2STOREY
DETACH
4
4
1350133
50 OSPREY CRES
$1,299,900
2STOREY
DETACH
8
5
1345061
28 GREENSAND PL
$1,300,000
2STOREY
DETACH
4
4
1343176
396 HUNTSVILLE DR
$1,349,000
2STOREY
DETACH
4
4
1344490
250 KETCHIKAN CRES
$1,395,800
2STOREY
DETACH
4
4
1346597
55 IRONSIDE CRT
$1,399,000
2STOREY
DETACH
4
3
1350049
523 BRECCIA HTS
$1,399,000
2STOREY
DETACH
4
5
1350623
139 INGERSOLL CRES
$1,424,900
2STOREY
DETACH
5
3
1345728
348 ABBEYDALE CIR
$1,450,000
2STOREY
DETACH
5
5
1352289
60 ROSENFELD CRES
$1,495,000
2STOREY
DETACH
4
4
1352517
15 KANATA ROCKERIES PVT
$1,495,000
2STOREY
DETACH
4
5
1352529
65 IRONSIDE CRT
$1,499,000
2STOREY
DETACH
5
3
1345689
1098 BLANDING ST
$1,539,000
2STOREY
DETACH
4
5
1347414
525 BRECCIA HTS
$1,548,000
2STOREY
DETACH
5
5
1349077
44 IRONSIDE CRT
$1,625,000
2STOREY
DETACH
4
4
1351597
3 GOULDING CRES
$1,685,000
2STOREY
DETACH
4
3
1349776
65 WALDEN DR
$1,750,000
2STOREY
DETACH
6
5
Homes for sale in Kanata – Homes for sale in Ottawa
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Residential in Ottawa Real Estate shows -15% Down from last year Average price – However,it marks a 5% increase over January 2023.
Resale Market Stabilizes in February with a Glimmer of Hope for Buyers and Sellers Alike!
OREB NEWS
March 3, 2023
Members of the Ottawa Real Estate Board (OREB) sold 855 residential properties in February through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,411 in February 2022, a decrease of 39%. February’s sales included 633 in the freehold-property class, down 42% from a year ago, and 222 in the condominium-property category, a decrease of 31% from February 2022. The five-year average for total unit sales in February is 1,157.
“We’re going to see declines in transactions and prices when we compare current figures to last February — the height of the pandemic resale market activity,” says Ottawa Real Estate Board’s President Ken Dekker. “On the other hand, with the Bank of Canada holding interest rates steady, prospective buyers have more budget certainty to work with as we head into the spring market.”
By the Numbers – Average Prices*:
The average sale price for a freehold-class property in February was$708,968, a decrease of 15%from 2022.However,it marks a 5% increase over January 2023.
The average sale price for a condominium-class property was $410,927, decreasing 12% from a year ago.
With year-to-date average sale prices at $695,086 for freeholds and $411,449 for condos, these values represent a 14% decrease over 2022 for freehold-class properties and a 10% decrease for condominium-class properties.
“The average price increase for freeholds over January could be an indicator that buyers have normalized to the current interest rates. And perhaps, it’s a glimmer of more activity to come in the months ahead.”
By the Numbers – Inventory & New Listings:
Months of Inventory for the freehold-class properties has increased to 2.8 months from 0.7 months in February 2022.
Months of Inventory for condominium-class properties has increased to 2.5 months from 0.7 months in February 2022.
February’s new listings (1,366) were 22% lower than February 2022 (1,762) and up 3% from January 2023 (1,323). The 5-year average for new listings in February is 1,632.
Days on market (DOM) for freeholds decreased from 43 to 37 days and 47 to 43 days for condos compared to last month.
“A decrease in the days on market, paired with fewer new listings entering the market, is good news for sellers,” says Dekker. “However, if that trend continues to impact our supply stock and we don’t get more inventory, our otherwise balanced market could swing back into seller’s territory — but it’s too early to predict.”
“The best advice for sellers and buyers in today’s market is to pay close attention to the comparison and competition insights only a REALTOR® can offer. Ottawa is made up of many micro-markets, and neighbourhood-level data is vital to standing out and closing deals.”
REALTORS® also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members have assisted clients with renting 995 properties compared to 800 last year at this time, an increase of 24%.
Details:
Average Sale Price February 2023= from $708,172 down to $620,088 (-12.4% down)
Quantity of sales: 2471 down to 1513 in Feb 2023 (-38% down)
CDOM= Re-listed : Days on Market from 27 to 69 days ( more days on market: +42 days)
DOM= Days on Market – from 19 days TO 44 days longer in 2023 ( more days on market: +25 days)
February 2023 – Resale Market Starts Slow as Buyers Remain Cautious
February 2, 2023
Members of the Ottawa Real Estate Board (OREB) sold 606 residential properties in January through the Board’s Multiple Listing Service® (MLS®) System, compared with 933 in January 2022, a decrease of 35%. January’s sales included 460 in the freehold-property class, down 30% from a year ago, and 146 in the condominium-property category, a decrease of 47% from January 2022. The five-year average for total unit sales in January is 819.
“January’s marked slow down in unit sales over 2022 indicates potential home buyers are taking their time,” says OREB President Ken Dekker. “While last month saw the culmination of the succession of interest rate hikes announced by the Bank of Canada, affordability remains a factor. They may be waiting for a shift in listing prices. They’re being cautious in uncertain conditions.”
By the Numbers – Average Prices*:
The average sale price for a condominium-class property in January was $412,244, a decrease of 8% from 2022.
The average sale price for a freehold-class property was $676,272, decreasing 12% from a year ago.
“Despite the decrease in average prices, the market should not be considered on a downward slide,” says Dekker. “A hyper COVID-19 seller’s market is now leveling out to our current balanced market state.”
“On a positive note, in comparison to December’s figures, January’s average price of freehold properties increased by 3%. The average price of condos did fall by 5% compared to December but condo pricing tends to fluctuate more due to the small data set.”
By the Numbers – Inventory & New Listings:
Months of Inventory for the freehold-class properties has increased to 3.8 months from 0.9 months in January 2022.
Months of Inventory for condominium-class properties has increased to 3.8 months from 0.8 months in January 2022.
January’s new listings (1,324) were 16% higher than 2022 (1,142) and up 89% from December 2022 (699). The 5-year average for new listings in January is 1,233.
“Ottawa’s inventory and days on market figures are typical for a balanced market and another sign that buyers are no longer racing to put in an offer,” says Dekker. “The increase in new listings and supply is a boon for home buyers, who now have more selection and the ability to put in conditions at a less frantic pace. REALTORS® are an essential resource in finding the right property for the right buyer. On the other side of the transaction, REALTORS® can help sellers with hyper-local insights about how to sell in their neighbourhood at a time when pricing is key.”
More people are turning to REALTORS® for help renting properties — 509 this month compared to 410 in January 2022, an increase of 24%. “Even with the increase in housing stock, the tighter rental market is another indication that affordability is keeping some potential buyers on the sidelines.”
* OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price will vary from neighbourhood to neighbourhood.
Market Prices Sold and Changes
2022 AWARD WINNER FOR SALES AND CUSTOMER SATISFACTION
HOMES-FOR-SALE-OTTAWA – KANATA-HOMES-KANATA-OTTAWA HOMES FOR SALE – OTTAWA HOME PRICES SEPTEMBER 2022- OTTAWA CONDOS FOR SALE SEPTEMBER 2022 – LATEST OTTAWA REAL ESTATE NEWS.
Buyer Uncertainty Slows Down August Resale numbers.
But Prices are still up in Residential homes 10.2% and Condominium 8.8% from last year August .
September 6, 2022, Update from the Ottawa Real Estate Board.
September 6, 2022
Members of the Ottawa Real Estate Board sold 1,137 residential properties in August through the Board’s Multiple Listing Service® System, compared with 1,565 in August 2021, a decrease of 27 per cent. August’s sales included 850 in the residential-property class, down 27 per cent from a year ago, and 287 in the condominium-property category, a decrease of 28 per cent from August 2021. The five-year average for total unit sales in August is 1,603.
“August is a traditionally slower month in Ottawa’s resale market ebb and flow cycle due to summer vacations. Compounding the slowdown in market activity, Buyers are uncertain about their purchasing power given impending additional interest rate hikes,” states Ottawa Real Estate Board President Penny Torontow.
“The lightning speed at which homes were selling at the start of 2022 is a thing of the past, evidenced by Days on Market (DOMs) inching closer to that 30-day mark. We have also observed a return to standard financing and inspection conditions and fewer multiple offer scenarios,” she adds.
Additional figures:
The average sale price for a condominium-class property in August was $421,966, an increase of 4 per cent from 2021.
The average sale price for a residential-class property was $707,712, increasing 5 per cent from a year ago.
With year-to-date average sale prices at $795,978 for residential and $457,771 for condominiums, these values represent a 10 per cent and 9 percent increase over 2021, respectively.*
2,093 properties were listed in August, boosting inventory to nearly 3 months for residential class properties and 2.2 months for condominiums.
“Prices are still rising slightly in some areas, albeit lower single-digit percentage increases, bringing back the moderate price-growth stability that is characteristic of the Ottawa resale market. What happened to prices in 2020 and 2021 was unusual. We are moving towards a balanced market state, where Buyers have choices and Sellers need to ensure they are pricing their properties accurately,” Torontow advises.
“The informed market knowledge and insight of a licensed REALTOR® is critical to both Buyers and Sellers navigating market shifts. Sellers will want to closely explore with their REALTOR® the best time and price to list their home to optimize a property’s days on market. Buyers can use the extra time to work with their REALTOR® on due diligence and finding a dream home that meets their needs within their financial parameters.”
REALTORS® also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members have assisted clients with renting 4,172 properties compared to 3,182 last year at this time.
* OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price will vary from neighbourhood to neighbourhood.
source OREB.
HOMES-FOR-SALE-OTTAWA – KANATA-HOMES-KANATA-OTTAWA HOMES FOR SALE – OTTAWA HOME PRICES FEBRUARY 2022- OTTAWA CONDOS FOR SALE 2022 – LATEST OTTAWA REAL ESTATE NEWS.
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February 2022 – OTTAWA REAL ESTATE PRICES UP +17.8%
The Members of the Ottawa Real Estate Board sold 936 residential properties in January through the Board’s Multiple Listing Service® System, compared with 963 in January 2021, a decrease of 3 per cent. January’s sales included 661 in the residential-property class, down 2 per cent from a year ago, and 275 in the condominium-property category, a decrease of 5 per cent from January 2021. The five-year average for total unit sales in January is 840.
“January’s sales, almost identical to 2021’s, were very strong for a traditionally slower month, especially given the frigid temperatures and increased government Covid-19 restrictions we experienced,” states Ottawa Real Estate Board President Penny Torontow. “This increased activity compared to previous years is not solely a pandemic phenomenon. Yes, the pandemic has accelerated market activity in some ways, but pent-up Buyer demand due to the housing supply shortage has been an ongoing fundamental issue for the Ottawa resale market for well over 5 years now – and the price increases will continue to reflect that until the housing stock grows.”
The average sale price for a condominium-class property in January was $447,943, an increase of 18 per cent from 2021, while the average sale price for a residential-class property was $771,739, increasing 14 per cent from a year ago.*
“Average prices continue to rise steadily with the lack of inventory pushing prices to levels previously unseen. We only need to observe the number of homes now selling over $1M for a clear demonstration. In 2020, they represented 3% of residential sales, in 2021, they held 9% of the market’s resales, and now in 2022, that number reflects close to 14% of detached home sales.”
“Meanwhile, the residential-class properties selling within the $650-$900K range represent 47% of all of January’s residential unit sales. In 2021, it was 33%. But we must keep in mind, average prices statistics amalgamate data from the entire city, so while in some areas the increases would be less, other pockets of Ottawa may see more,” advises Torontow.
“The condo market is also flourishing both in number of sales and prices. Possibly due to the fact that residential units may be out of reach for some Buyers, they are finding themselves more open to this option and are actually able to find a condominium-class property within their budget.”
“Bad weather, pandemic lockdowns, it doesn’t matter – Ottawa remains a fast-moving, active, and robust market. So, if you are thinking of selling your property, there has never been a better time. Contact a REALTOR® who can explain the various factors that will help you get the best price for your home today.” In addition to residential sales, OREB Members assisted clients with renting 410 properties in January 2022 compared to 333 in 2021.
* OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price will vary from neighbourhood to neighbourhood.
source OREB.
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OTTAWA, January 6, 2022 – Members of the Ottawa Real Estate Board sold 862 residential properties in December through the Board’s Multiple Listing Service® System, compared with 997 in December 2020, a decrease of 14 per cent. December’s sales included 601 in the residential-property class, down 15 per cent from a year ago, and 261 in the condominium-property category, a decrease of 10 per cent from December 2020. The five-year average for total unit sales in December is 809. “December’s resale market performed as it typically does with a marked decrease in sales from November as families turned their attention towards the holiday break. Although slightly above the five-year average, the number of properties exchanging hands was lower than the year before due to the atypical market we experienced in 2020 when peak market activity shifted to later in the year because of the initial spring pandemic lockdown,” states Debra Wright Ottawa Real Estate Board’s 2021 President. “However, while the market normalized in the latter part of the year, looking at the year-end figures, 2021 was still a record-breaking year,” she adds.
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The total number of residential and condo units sold throughout 2021 was 20,302, compared with 18,953 in 2020, increasing 7 per cent. Meanwhile, total sales volume in 2021 was approximately $13.1B compared to $10B in 2020.
“This significant increase in sales volume reflects the price acceleration that we have seen over the last year and correlates with average sale price increases for the city,” Wright elaborates.
“As we have reiterated for the past few years, Ottawa’s housing inventory challenges have been and will continue to place an upward pressure on prices. Reviewing the year-end figures for 2021, the average sale price year to date was $719,605 for residential-class properties and $419,683 for condominium units. These values represent a 24 per cent and 16 percent increase over 2020, respectively.”
The average sale price for a condominium- class property in December was $399,125, supply for a balanced market to be achieved,” cautions Wright.
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When asked for a forecast, Ottawa Real Estate Board’s new 2022 President Penny Torontow suggests, “January through March are usually slower months. With the macro factors that are currently at play in the resale market, it is difficult to predict what the effects will be going forward. We are entering yet another pandemic wave, Buyers are fatigued, parents are focusing on remote learning, interest rate hikes are looming – I don’t expect we will see the first quarter increases as we did in 2021.”
“We are unlikely to see the true outcome of these macro factors until the spring. Presumably, we will see more of the same with the market performing as well as it can with the current housing stock. Unfortunately for homebuyers, it will sustain itself as a Seller’s market for quite some time until our inventory issues are remedied. Whether you are buying or selling a home right now, the experience and knowledge of a REALTOR® is essential in this current challenging market,” Torontow concludes.
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OREB Members also assisted clients with renting 4,813 properties since the beginning of the year compared to 3,364 in 2020.* The Board cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold.
Price and conditions will vary from neighbourhood to neighbourhood. An increase of 12 per cent from 2020, and the average sale price for a residential-class property was $709,980, increasing 18 per cent from a year ago.*
“Six hundred new listings entered the housing stock in December, which represents a 58% decrease from November and down 15% from the 5-year average. At less than one month’s supply of units in both the residential and condominium property classes, we are firmly entrenched in a strong Seller’s market and will continue to be in this state until our inventory increases to a 3-4 month’s
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Ottaw Real Estate News Jan 2022
Supply shows low.
Source: The Ottawa Real Estate Board
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Ottaw Real Estate News Jan 2022
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